Apogee Therapeutics (NASDAQ:APGE) Hits New 12-Month High – Still a Buy?

Apogee Therapeutics Inc. (NASDAQ:APGE)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $86.98 and last traded at $86.84, with a volume of 268367 shares changing hands. The stock had previously closed at $83.12.

Analyst Upgrades and Downgrades

APGE has been the topic of a number of research analyst reports. Mizuho boosted their price target on Apogee Therapeutics from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, March 30th. Stephens assumed coverage on Apogee Therapeutics in a report on Tuesday, December 16th. They set an “overweight” rating and a $95.00 price target on the stock. BTIG Research reiterated a “buy” rating and set a $137.00 target price on shares of Apogee Therapeutics in a report on Monday, March 23rd. Canaccord Genuity Group upped their target price on Apogee Therapeutics from $89.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Finally, Citigroup boosted their price target on Apogee Therapeutics from $95.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Apogee Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.79.

Apogee Therapeutics Stock Performance

The firm has a fifty day moving average price of $72.15 and a two-hundred day moving average price of $67.18. The stock has a market capitalization of $6.00 billion, a P/E ratio of -20.37 and a beta of 1.02.

Apogee Therapeutics (NASDAQ:APGE) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($1.03) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.02. On average, research analysts anticipate that Apogee Therapeutics Inc. will post -3.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Apogee Therapeutics news, insider Carl Dambkowski sold 5,500 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $84.84, for a total value of $466,620.00. Following the completion of the sale, the insider owned 208,398 shares in the company, valued at approximately $17,680,486.32. This represents a 2.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Fairmount Funds Management Llc sold 1,750,000 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $76.30, for a total value of $133,525,000.00. Following the completion of the sale, the director owned 298,647 shares of the company’s stock, valued at $22,786,766.10. The trade was a 85.42% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,826,500 shares of company stock valued at $139,129,095. 42.77% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its stake in Apogee Therapeutics by 2.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 7,151 shares of the company’s stock worth $540,000 after purchasing an additional 152 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of Apogee Therapeutics by 3.5% in the 4th quarter. Stifel Financial Corp now owns 5,214 shares of the company’s stock valued at $394,000 after acquiring an additional 175 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings in shares of Apogee Therapeutics by 41.2% in the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 843 shares of the company’s stock valued at $33,000 after acquiring an additional 246 shares during the period. Rockefeller Capital Management L.P. purchased a new position in shares of Apogee Therapeutics in the 4th quarter valued at $25,000. Finally, Comerica Bank increased its position in shares of Apogee Therapeutics by 1.0% during the fourth quarter. Comerica Bank now owns 35,872 shares of the company’s stock worth $2,708,000 after purchasing an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc is a clinical-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics that selectively target the nuclear receptor RORγt, a master regulator of T cell-driven inflammatory pathways. By modulating RORγt activity, Apogee aims to offer an oral treatment option for patients with autoimmune and inflammatory skin disorders.

The company’s lead candidate, APG-157, is an oral RORγt inverse agonist currently undergoing early-stage clinical evaluation for moderate to severe plaque psoriasis.